Category rentals

Market West is changing for the better

Market West, which is basically the short business stretch between City Hall and the Schuylkill River, is really starting to change … for the better.

This area has always been utilized as a 9-5, business by day / home by night type of scene. Now, savvy investors are starting to follow a trend that is prominent throughout Center City Philadelphia: “Live, Work, & Play.”

Part of the reason why Center City has done so well over the last 20 years is because it is a functional, urban core. It has plenty of places to work, live, eat, and shop; more than most people even know what to do with. To top it off, Center City is very walkable, bikeable, and cabable (“cabable” is not actually a word, but it sounded appropriate).

Most of Philadelphia’s more prominent jobs are located in Center City, it’s where all of the public transportation meets, and it’s the lifeblood of our city’s social and creative scenes. In other words, Center City works very well for someone looking to enjoy an urban lifestyle.

When the last boom busted, a lot of projects died with it. But just because the bubble burst, does not mean that real estate stops moving; enter the rental market. Lots of building cranes are starting to appear across the city skyline again, but they’re not constructing condos; they’re building apartments. And the best part is, they are filling up fast.

Read on to see why this well known business stretch is now relying on full-time residents to make it go.

More rental high-rises are being built in Center City and University City

Rendering of Cira Center South

You have all heard me preach before that rental projects are here to stay … for the foreseeable future, that is.

As such, here is more proof that new rentals are in high demand in Philadelphia. 1919 Market St is about to get started, and it looks like Cira Center South is finally going to get built as well.

Very positive news for our local economy and the strength of Philadelphia’s downtown market!

Will 722 rental units be built next to PHL?

I guess we’ll have to wait and see.

Korman Residential has had the option in place to develop this tract of land for a while now, but their original plans called for single family housing. I’m not quite sure why, but it did.

Now that the market has changed, along with the size of housing, KR is looking to build multifamily units on this 35 acre parcel. The best news is that these will not be available for purchase; they are rental units, and they shouldn’t be too expensive based on their convenient location.

Why do I feel that this is good news? Because rentals are hot right now, they probably will be for the next few years, and they will get built right away. No need to find buyers, get financing, schedule walk-throughs, etc. If the plan gets approved, KR will get started and create jobs, increase city residents, and improve lives.

Although, the latest happenings are revealing argumentative details about potential issues between KR and the City of Philadelphia regarding land rights.

Let’s go, Philadelphia! Approve this one, work out the kinks, and get these homes built.